Timonrosso

Copper showing mixed signals with Bullish bias to $4.80

Long
COMEX:HG1!   Copper Futures
Cup and Handle formed on Copper
Price >200 Bullish
21>7 Bearish
RSI <50
Target $4.80
Mixed - Bullish bias

Resources definitely showing upside to come in the medium term, but right now there is a but of a breather which is causing a bit of selling pressure. We need to weather through this sideways range before the market chooses a direction. My bias is up but there needs to be the next catalyst. Also the US Dollar is showing short term strength which is also not great for resources as resources is priced in US dollars. and so when US strengthens the price for resources become less profitable for imports to countries.

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Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
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